Elon Musk Settles With SEC, Quits As Tesla Chairman

SEC Lawsuit Against Musk Wiped $7.3 Billion From Tesla’s Market Value

Tesla made its biggest gain in five years after Musk reached a settlement with securities regulators that will allow him to stay on as CEO of the electric auto maker. Elon Musk will continue as the CEO of the company.

In a shock announcement in August, Tesla CEO Elon Musk announced that he has weighed taking the electric auto company private at $420 a share.

On August 7, Musk told his 22 million Twitter followers that he might take Tesla private at $420 per share, with "funding secured".

Musk and Tesla were also fined $20million each.

Sunday marks the end of the third quarter, and Tesla has frantically pushed to boost deliveries before the period ends. Tesla's Denver drivers' club president Sean Mitchell said on Twitter that a team of "30 volunteers were providing 40 [plus] hours helping deliver and teach new owners" about the cars' different features.

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Tesla in recent years has become one of the most valuable American vehicle maker, with its stock worth more than $50 billion.

After Musk settled over the weekend, Tesla surged on Monday and closed up 17%.

Going private involves a transaction (s) that take a company off the public market, meaning retail investors can no longer trade shares on the stock market. The company is expected to announce production stats later this week.

Musk has agreed to pay out the $20 million fine.

Musk will be allowed to remain CEO as part of the settlement.

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Investors in electric auto maker Tesla were buoyed by news that Elon Musk will have to step down as chairman of the firm.

Former US Vice President Al Gore could be a good fit to replace Elon Musk as chairman, according to one longtime tech analyst.

Tesla must hire an independent chairman to oversee the company, something that should please a number of shareholders who have criticised Tesla's board for being too beholden to Mr. Musk. Monday's gains erased Friday's 14 percent plunge after the SEC filed its lawsuit late on Thursday.

Although Musk, with the support of his company, claimed that he had done nothing wrong, the two have both stated that they will settle the allegations out of court without admitting or denying the allegations.

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